"The winner will receive $100,000 ... and she will have a spread in 'Italian Vogue' and a cover of 'Italian Vogue Beauty,' which has never happened before," Talley said, adding that the season's theme is "high fashion" and will feature guest judges like Diane von Furstenberg and Roberto Cavalli.

Then, Talley declares Tyra Banks the "Martha Stewart of fashion," noting how she recently attended a masked ball in Paris wearing a mask made from fishnet stockings purchased in the city's Red Light District.